HSBC breaks the mould with a $5 billion small-business fund
HSBC has today broken the mould in the UK banking sector after announcing a special small-business fund with in excess of $5 billion available. The fund will be used exclusively to increase liquidity for small businesses worldwide with in excess of £1 billion ear-marked for the UK. Many people are seeing this as a wake-up call for the rest of the sector with more and more small businesses suffering from a lack of funding and reduced cash flow. The funds which HSBC has put aside are on top of their general small-business operation and look certain to make an impact worldwide.
There are now hopes that other UK banks will follow suit and make more liquidity available to small businesses in the short to medium term. While many large operations in UK are struggling and grabbing headlines, literally hundreds of companies going out of business each and every month. This is a serious problem for the UK because as and when the economy picks up there will be a need for the small businesses to participate in recovery. We wait with anticipation to see if any of the other UK banks are willing to put their liquidity on the line.
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